The Average Canadian Spends As Much On Gifts As Rent In December
This is why we can't afford a penthouse!
Is Christmas about gifts under the tree, lights in the windows, snow in the yard, and turkey dinners with family and friends?
Fundamentally, the holiday is supposed to be about the birth of Jesus Christ, but somewhere along the way we threw in expensive gift giving, decorations, and a commercialisation that starts every year just after Halloween and stays with us throughout the festive season.
And apparently, Canadians revel in it, because we spend a hell of a lot celebrating it every year. In fact, we spend even more than Americans, according to PwC Canada.
The financial services group analyzed the shopping behaviours of over 1,000 Canadians in a national survey, and their findings are pretty staggering. While most of us try to budget during the holidays, it turns out we spend an average of $1,507 each.
Breaking the numbers down, PwC found that we will spend about the majority of that on travel ($683, 45%), 41% on gifts ($617) and 14% on entertainment ($207). We're generous with our money, spending the most on family members but still making sure we treat ourselves.
According to the study, almost half of us (42%) would like our friends to spend their money on gift cards this holiday season, but when it comes to giving, 46% are planning on buying physical gifts. The top gifts we Canadians purchase? Clothes, toys, personal electronics and alcohol.
Better get saving, everyone.